AC201Quiz3CWA

AC201Quiz3CWA - Name: __________________________ Date:...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Name: __________________________ Date: _____________ AC 201 Quiz#3-Version C Multiple Choice Questions ( 10 points each ) 1. Another name for temporary accounts is: A) Real accounts. B) Contra accounts. C) Accrued accounts. D) Balance column accounts. E) Nominal accounts. 2. The Income Summary account is used: A) To adjust and update asset and liability accounts. B) To close the revenue and expense accounts. C) To determine the appropriate withdrawal amount. D) To replace the income statement under certain circumstances. E) To replace the capital account in some businesses. 3. Sales returns and allowances: A) Can provide useful information about dissatisfied customers and the possibility of lost future sales. B) Are recorded in separate contra-revenue accounts. C) Are rarely disclosed in published financial statements. D) Are closed to the Income Summary account. E) All of the above. Page 1 4. An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a:...
View Full Document

This note was uploaded on 03/02/2012 for the course ACCT 201 taught by Professor Tracyedmond during the Spring '10 term at Park.

Page1 / 3

AC201Quiz3CWA - Name: __________________________ Date:...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online